Author Topic: Best crypto exchange for newbe interested in just getting feet wet  (Read 1436 times)

Offline remjax

  • Fledgling Prepper
  • *
  • Posts: 5
  • Karma: 0
Hi folks. With all the Crypto talk I want to get started but on a small base.
Everything still seems as clear as mud so I am struggling just picking an exchange.
What is the general though concerning exchange, i.e. best one for the small time person?

Thanks in advance
Ron

LVWood

  • Guest
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #1 on: January 18, 2018, 02:31:43 PM »
If you want to test the crypto exchange without infesting a lot of money check this out.

https://youtu.be/dVsjMtHYcHE

https://youtu.be/5RWKFZDNU2Y

What Is Heleum?
https://app.heleum.com/r/eae38e68f4


Heleum is an automated app that grows your money over the long-term by letting it float into rising currencies. First, you create and add money to an account on Uphold. Uphold is an online wallet that helps you store your money in many different currencies. Then, you allow Heleum to access your account. Heleum will instruct Uphold to trade bits of your money into other currencies. Heleum later converts your money back into dollars, plus whatever gains it has earned for you.

100% automated and easy

Top national & crypto currencies

$5 minimum, no maximums.

NOTE:
And as the old saying goes, NEVER invest a penny you can't afford to lose!

Online FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5462
  • Karma: 745
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #2 on: January 18, 2018, 02:35:43 PM »
If you're in the US, Coinbase is probably still the best place to start out exchanging fiat currency for crypto.  They operate in most of the US states and are about as legitimate as it gets in the business, so long as you're only in the market for BTC, BCH, ETH, or LTC. 

The interface is easy to use, the fees are reasonable, and if you set up a Vault in addition to a Wallet it gives you better security than other online wallets, although you still do not have ownership of the private keys, you have to trust Coinbase will fulfill their fiduciary duty..  They make it easy to set up recurring transactions, so once you have a credit card or bank linked to your account you can automatically buy each pay period or whatever schedule you choose.  Since they're a registered financial institution, they have to follow the Know Your Customer law and have been known to freeze accounts if they suspect illegal activity like money laundering.  But for normal accounts there shouldn't be any problems.

All the exchanges are swamped with new customers right now and it is taking weeks to get people's identity verified, so you might have to wait awhile before you can start transacting.  I've been waiting three weeks for Gemini (the other large legitimate US exchange) to verify my identity and there's no estimate on how long it will take.  They also don't have a link to any of my banks, so I'm going to have to figure that out at some point. 

Once you have purchased crypto, your options for trading it for other crypto are enormous and it's much easier to use exchanges that don't have to verify your identity.  The big barrier is always going from fiat to crypto and back again.  Crypto to crypto is easy.

Offline remjax

  • Fledgling Prepper
  • *
  • Posts: 5
  • Karma: 0
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #3 on: January 18, 2018, 02:52:40 PM »
Thanks to you both. I will probably set up Coinbase for now. I want to watch things to get a better feel
for the market. Just wanted to be ready for the time I decide to jump.

I agree about not investing what you cant afford to loose. LOL  Been in Stock market for a long time on a small base.

Thanks again

Offline redrider

  • Prepper
  • **
  • Posts: 86
  • Karma: 9
  • Purveyor of Post Drills
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #4 on: January 18, 2018, 03:19:43 PM »
If you're going to use Coinbase anyhow and if your initial investment with them is going to be $100 or more, use the button on The Survival Podcast's page - on the right near the top - and you'll get an extra $10 and TSP gets $10.

Just don't want you to miss out on $10.

rr

Online David in MN

  • Dedicated Contributor
  • ******
  • Posts: 1257
  • Karma: 103
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #5 on: January 18, 2018, 05:20:45 PM »
I just can't avoid being the voice of reason.

Coinbase is not a safe place to store your crypto; it took them months to allow BTH trading after the split from BTC. The only safe method is have your private keys.

Ask yourself... Do you understand what private keys are? Do you understand a head and shoulders chart? Are you seeing an opportunity between support and resistance? Can you make use of a straddle option?

Think long about whether you really understand this vehicle.

Online FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5462
  • Karma: 745
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #6 on: January 18, 2018, 06:16:31 PM »
This guy's YouTube channel has really good tutorials on a bunch of different wallet and exchange options.  Of the ones I've seen, I think he's on the right track as far as information security best practices, which is a requirement for maintaining control of our digital assets.
« Last Edit: January 18, 2018, 07:12:07 PM by FreeLancer »

Online FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5462
  • Karma: 745
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #7 on: January 20, 2018, 02:47:50 AM »
A good analogy for Coinbase is the early days of AOL, which served as an entry point for millions of curious people wanting to try out the internet without the hassles.  AOL failed to anticipate where the internet was headed and never managed to innovate out of its eventual terminal stagnation, and I think we are seeing the same thing happening with Coinbase.  But for now it's still a good one-stop shop for crypto novices, and once you get your feet wet you can easily move your holdings off Coinbase and into wallets with more control and security.  Everybody needs to start somewhere and Coinbase is a hell of a lot better than the mess things were back in 2012.

Offline CagedFeral

  • Survivor
  • ***
  • Posts: 164
  • Karma: 8
Re: Best crypto exchange for newbe interested in just getting feet wet
« Reply #8 on: January 20, 2018, 04:07:14 AM »
I know nothing so started with coinbase back in June..  I put $20 in just to get going when it was $2600 something (June).  I'm wishing I'd bought more now!

Coinbase atleast gets you started. I have the app on my phone now and check it daily. I'm only at about $500 now but "buy low and sell high" is still true!